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NetApp Inc. Stock Was Down More Than 3% Despite Earnings Beat

NetApp Inc. (NASDAQ:NTAP) shares were declining after hours as the company reported its latest quarterly earnings results, which did come in ahead of Wall Street’s estimates.

NetApp Inc.The data storage company reported its fiscal fourth-quarter results for fiscal 2018, which beat on the top and bottom line, but shares took a hit as the company’s outlook was below estimates. The company reported revenue of $1.64 billion during a period of aggressive product development and increasing competition.

The figure was ahead of NetApp’s revenue from the first quarter of fiscal 2017 by 11%. The figure was also better than the Wall Street consensus estimate of around $1.6 billion, according to data compiled by Zacks Investment Research.

The data storage provider also reported net income of 99 cents per share. On an adjusted basis, the company brought in earnings of $1.05 per share, which was stronger than the $1.01 per share that analysts were calling for, according to data compiled by Zacks.

For NetApp’s fiscal first quarter of 2019, the company predicts adjusted earnings in the range of 76 cents to 82 cents per share, with the midpoint coming in at 79 cents per share. The Wall Street consensus estimate sees this figure as being greater at 80 cents per share, according to data compiled by Zacks.

NetApp also sees its revenue as growing in the mid-single digits.

NTAP stock fell about 3.9% after the bell Wednesday.

Article printed from InvestorPlace Media, https://investorplace.com/2018/05/netapp-inc-ntap/.

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